Foreign Relations of the United States Diplomatic Papers, 1938, The British Commonwealth, Europe, Near East, and Africa, Volume II

851.5151/1848

The Secretary of State to the Secretary of the Treasury (Morgenthau)

Washington, May 7, 1938.

My Dear Henry: I am glad that the Department has been able to be of assistance in your difficult task of sustaining the Tripartite Agreement during the past difficult week.

I appreciate your kind reference to me, and I have had pleasure in conveying your message of appreciation to Messrs. Feis, Wilson, Cochran, and Butterworth.

Sincerely yours,

Cordell Hull

[The franc did not rise to the ratio of 175 to the pound sterling desired by the Treasury Department, but remained relatively stable above the level of 179 to the pound. A gradual decline in relation to the dollar began in July and continued through the European political crisis which culminated in September (see volume I, pages 483 ff).]